Join us on LinkedInCreditors Rights Attorneys Must Recognize Clarified Stay Termination Requirements for Chapter 7 Cases
There is a common misconception among both creditors and creditors rights attorneys that once property is abandoned by the Chapter 7 Trustee in a bankruptcy, the protection of the automatic bankruptcy stay no longer applies. This would free a secured creditor with an interest in the abandoned property to enforce its rights in the property. However, the Ninth Circuit made clear in Gasprom, Inc. v. Fateh (In Re Gasprom), 500 B.R. 598 (2013), that the Trustee’s abandonment of property alone is not sufficient to terminate the full protection of the automatic bankruptcy stay under 11 U.S.C. § 362. Creditors must wait until the stay is formally terminated by the court or by the closing of the bankruptcy case. A foreclosure attorney must ensure that an automatic stay is terminated, or that the bankruptcy case is closed, before issuing guidance that the client may proceed with foreclosure. Continue reading
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As we reach the end of 2014, we look back with gratitude on the opportunities we had to help our clients achieve their personal and professional goals. We want to express our appreciation to you, whether a client, vendor, colleague or friend. All of you have helped make the year a success for our firm during our first full year working as Poniatowski Leding Parikh Law Corporation.